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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.41%, Hang Seng +1.94%, Shanghai Composite +1.51% as of 04:10 ET

Aug 25 ,2025

  • Synopsis:

    • Asia equities traded higher Monday although most major benchmarks closed away from their highs. Greater China boards all closed higher with notable gains in Hong Kong's internet & IT stocks. Tech also pushed Japan's boards higher while there were gains in Taiwan and South Korea. India and Southeast Asia all higher. Australia underperformed to post a flat day. European markets opened slightly down, US futures also down slightly. US dollar bounced slightly back from Friday's selloff, yen weaker, yuan at month-long high. Treasury yields higher across tenors, JGBs mixed. Crude marginally higher, gold lower, iron ore higher after Rio Tinto halted work on a Africa-based mine project.

    • Asia markets bounced from the open on read across from Wall Street's push higher on Friday although there was little follow through in terms of additional gains. The US dollar was also unchanged while among Asia currencies the yuan outperformed after the PBOC set its fixing point at its strongest since January. Mainland China and Hong Kong-listed technology stocks surged with Cambricon Tech (688256.CH) adding to Friday's gain following a broker upgrade over the weekend, while Kuaishou Tech (1024.HK) was a noticeable gainer on the Hang Seng. Also in Hong Kong, several property stocks surged as Shanghai authorities eased home-buying rules.

    • Elsewhere, South Korea's President Lee is set to meet President Trump in Washington later Monday for talks focused on diplomatic ties. He also dispatched senior envoys to Beijing with a personal letter for President Xi requesting both sides move to 'normalize' relations. RBI Governor Malhotra said the country's forex reserves are strong enough to give India's economy a buffer against global shocks, and said the bank will concentrate on growth. Singapore headline inflation fell to its lowest in more than four years to 0.6% with core easing to 0.5%. Thailand exports rose by more than expected in July with a more than 30% surge in shipments to the US.

    • Terumo (4543.JP) has agreed to buy UK-based organ medical technology company OrganOx for around $1.5B. Dongfeng Motor (489.HK) is to de-list from the HKEX and privatize itself through a merger with investment holding company, create new listing for its luxury Voyah EV brand in long-awaited restructuring; shares sharply higher. TSMC (2330.TT) said the US government had no plans to buy shares in it following its purchase of a 10% stake in Intel; is considering the return of CHIP Act subsidies. Pilbara Minerals (PLB.AU) post first full-year loss in four years amid a slump in lithium prices. Santos (STO.AU) extended the exclusivity period for ADNOC-led takeover for a further four weeks just as H1 profits beat expectations.

  • Digest:

    • Chair Powell's Jackson Hole speech leans more dovish than expected:

      • Prepared remarks from Fed Chair Powell's Jackson Hole speech had a dovish tilt. Powell most notably commented that the shifting balance of risks may warrant adjusting policy as market grapples with signs of weakening labor market. He noted ongoing situation suggests downside risks to employment are rising, and flagged tighter immigration has led to an abrupt slowdown in labor force growth. Additionally, he said tariff effects on consumer prices are now "clearly visible." However, he said it is a "reasonable base case" to assume tariff effects on prices will be short-lived. Also commented GDP growth has slowed notably, reflecting slowdown in consumer spending. Traders are now pricing in about 90% probability on Fed rate cut in September, vs 75% before Powell's remarks. Analyst takeaways note Powell's statement signals of Fed's intent to lower rates in September though note statement still clearly highlights Fed's concerns about inflation. Come after July FOMC meeting and this week's earlier Fedspeak leaned hawkish.

    • Japan market watchers see upside for yen, stocks after Jackson Hole:

      • Nikkei cited some market watcher views after the Jackson Hole symposium, showing strong expectations of gains in both yen and Japan equities this year. Combination of dovish surprise from Powell and hawkish takeaways from Ueda's remarks on Japan labor market leading to bullish skew in yen sentiment. Central scenario looks for 2~3 Fed rate cuts this year and one BOJ hike which Aozora Bank suggested markets haven't fully priced in and projects a USD/JPY range as low as 137. On equity implications, FX headwinds on corporate earnings anticipated to be contained as long as yen gains limited to around 140. Rate hike will also provide support for certain domestic sectors (banks). Moreover, Nomura Asset Management suggested companies apt to upgrade FY earnings guidance over the course of H1, adjusting from earlier caution towards tariff uncertainties and sees Nikkei upside as high as 45K. Overall attention skewed towards Fed policy as the bigger swing factor. Main risks mentioned were payrolls data with the next report due 5-Sep where negative surprise stands to trigger a pullback in rate cut expectations, as well as any upside surprise in inflation metrics (CPI due 11-Sep) as tariff effects permeate.

    • BOJ Governor Ueda expects positive wage dynamics to continue:

      • Reuters cited comments by Governor Ueda in Jackson Hole that wage hikes are spreading beyond large firms and likely to keep accelerating due to a tightening job market. Topic was curated in a panel discussion with BOE Governor Bailey and ECB President Lagarde on labor market challenges. Yet, article suggested remarks are still likely to reinforce expectations that rate hikes will resume after a pause prompted by US tariffs. Ueda noted that after decades of stagnation, wages are now rising and labor shortages have become one of the "most pressing economic issues," as global inflation caused by the COVID-19 pandemic served as an external shock that broke Japan out of a deflationary equilibrium. Projected that labor market tightness set to continue to exert wage pressures barring a major negative demand shock. Cited demographic shifts as the root cause developing since the 1980s causing supply-side adjustments through higher participation, mobility and capital-labor substitution. Remarks follow latest Reuters consensus poll showing a larger majority forecasting a rate hike in Q4 with October the top choice, followed by January and December.

    • South Korea President Lee set for Trump summit amid talk of normalizing ties with China:

      • South Korea President Lee Jae Myung set to meet President Trump later Monday with future of two nations' diplomatic alliance likely to be discussed. White House widely expected to ask Seoul to pay more than current $1B for stationing of 28K US troops in South Korea; approach to Pyongyang also set for central role (FT, Reuters). Pentagon said to be pressing for alliance to focus on China threat, wants Seoul to play role in countering Beijing. However, this may be at odds with Lee's vow to take balanced approach toward Beijing. Sunday, Lee's special envoys to China delivered personal letter to President Xi to assure Beijing of desire to strengthen 'strategic cooperative partnership'; senior envoy said he hoped China, South Korea could work together to 'normalize' relations (Yonhap). Diplomatic arrangements omitted from unwritten trade deal between US and South Korea that saw 15% base tariff applied by Washington with further sectoral tariffs threatened on chips, autos, steel imports.

    • StreetAccount Event Preview: Bank of Korea policy meeting, 28 August

      • Bank of Korea expected to keep its base repo rate unchanged at 2.5% by slim majority of analysts, with minority forecasting 25 bps trim. Bank left rates unchanged in July, cited household debt as key financial stability risk but August price data showed some stabilization signs and July's inflation figure also moderated (Bloomberg). Trade deal with US in place to ease uncertainty however Governor Rhee said last week bank still faces difficult questions with weak but recovering consumption; resilient export performance in July and first weeks of August; improvement in trade sentiment; slower inflation. However, governor and MPC members have emphasized need for time for measures to cool Seoul house prices to take effect. Economists said 'dovish hold' would allow bank time to monitor household debt, evaluate need for fiscal stimulus in face of tariffs even as dovish Fed brings BOK cut closer.

    • Notable Gainers:

      • +54.1% 489.HK (Dongfeng Motor Group): to distribute VOYAH shares, privatize through merger; resumes trading

      • +13.4% 7014.JP (Namura Shipbuilding): Japan's Ministry of Land, Infrastructure and Transport reportedly to establish new organization to monitor supply chains for shipbuilding

      • +10.3% 1114.HK (Brilliance China Automotive Holdings): reports H1 net income attributable CNY1.70B vs implied guidance CNY1.66-1.71B and year-ago CNY1.47B; interim dividend HK$0.8/share

      • +9.1% 000002.CH (China Vanke): reports H1 net income attributable (CNY11.95B) vs guidance (CNY10-12B)

      • +1.9% 9992.HK (Pop Mart International Group): to be added to Hang Seng Index, effective 8-Sep

    • Notable Decliners:

      • -4.0% 4543.JP (Terumo): to acquire OrganOx for $1.5B (¥220.30B)

      • -2.5% 9922.HK (Jiumaojiu International Holdings): reports H1 net income attributable CNY60.7M vs StreetAccount CNY74.5M

  • Data:

    • Economic:

      • New Zealand Q2

        • Retail sales +0.5% q/q vs consensus +0.1% and +0.8% in Q1

          • Core retail sales +0.7% q/q vs consensus (0.3%) and +0.4% in Q1

      • Singapore July

        • CPI +0.6% y/y versus consensus +0.7% and +0.8% in prior month

          • CPI (0.4%) m/m versus (0.1%) in prior month

          • Core CPI +0.5% y/y vs consensus +0.6% and +0.6% in prior month

    • Markets:

      • Nikkei: 174.53 or +0.41% to 42807.82

      • Hang Seng: 490.77 or +1.94% to 25829.91

      • Shanghai Composite: 57.80 or +1.51% to 3883.56

      • Shenzhen Composite: 43.11 or +1.80% to 2436.32

      • ASX200: 5.00 or +0.06% to 8972.40

      • KOSPI: 41.13 or +1.30% to 3209.86

      • SENSEX: 387.10 or +0.48% to 81693.95

    • Currencies:

      • $-¥: +0.42 or +0.28% to 147.3530

      • $-KRW: +1.96 or +0.14% to 1386.1700

      • A$-$: (0.00) or (0.02%) to 0.6490

      • $-INR: +0.18 or +0.21% to 87.5552

      • $-CNY: (0.02) or (0.21%) to 7.1504

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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